Oil Prices fall on profit taking
Oil Prices fall on profit taking
Singapore - QNA
Crude futures fell on Wednesday as investors took gains after oil prices surged nearly 5% in the previous session, partly on the back of a forecast increase in demand next year.
A surprise build in US crude stocks and a stronger US dollar which gained on Wednesday against a basket of currencies weighed on oil prices.
US crude slipped 45 cents to $46.35 a barrel as of 0007 GMT after ending the previous session up $2.06, or 4.6%.
Brent futures fell 51 cents to $47.96 a barrel after settling up $2.22, or 4.8%.
Those were the biggest daily gains since April 8 and followed Monday's session when oil fell to two-month lows.
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